Message from the trustees of the Partick Thistle Football Club Trust
The PTFC Trust conducted a beneficiary vote between Saturday 30th November and Saturday 14th December.
Beneficiaries of the Trusts include supporters over 16 years of age who are any of the following:
- Partick Thistle season ticket-holders
- members of The Jags Foundation
- members of The Jags Trust
- members of the 71 Club
The beneficiary vote was on the “Tranche 2” investment proposal, which would see the Club issue £500k of new Class C shares, on essentially the same terms as the “Tranche 1” investment completed in October 2023.
There were 2575 registered beneficiaries issued ballots and 1494 secret ballots were cast on the Balotilo platform (a 58% turnout).
1393 of the beneficiaries (93.2%) voted in favour of the tranche 2 proposal, whilst 82 (5.5%) voted against, with 19 (1.3%) submitting a ballot without a preference.
We would like to thank all fans who have taken part in this democratic process. The turnout is encouraging, and shows that our fan owners are engaged and care deeply about their Football Club and how it is run.
What does this mean?
Partick Thistle fans have therefore decisively endorsed the Tranche 2 proposal.
This, on its own, is not enough (legally) for Tranche 2 to go ahead. The proposal still needs to be formally approved by the Club’s shareholders, by way of a special resolution (75% of the issued share capital in the Club).
If, as is expected, the Club Board moves a special resolution at the Club’s AGM in January 2025, the Trustees will cast the vote of the 66% majority shareholding in favour, in line with the preference expressed by the beneficiary electorate.
Since Donald McClymont (the lead investor) also currently holds a 9% shareholding, any resolution is expected to pass, and the investment funds should (we understand) hit the Club’s bank account before the end of January 2025.
The future
Despite the decisive vote in favour, we know this will not have been an easy decision for many Jags fans.
As we said in our Fans’ Guide to the Tranche 2 Investment and Club Finances, this investment deal involves a clear trade-off, diluting (albeit modestly) fan ownership. It also will not, on its own, bring sustainability to the Club’s finances.
What it will do, however, is make sure we avoid any cashflow issues this season. It will also provide the time and space for the Club’s Board and leadership team to develop a more sustainable business model, to address legacy issues like overdue stadium repairs, and then to focus firmly on the future.
To deliver on sustainability, the Club Board will need to draw on the very best of the wider Thistle community. It is clear that financial and commercial expertise and capacity needs to be strengthened in 2025, and we will work with the Club Board to ensure that this happens.
Partick Thistle is at its strongest when everyone is pulling in the same direction. So let’s work together to make a success of our fan-owned football club.